We have done it a few times and not had a problem. We usually go in late August and I would guess the abililty to reserve at the 7 month window would depend on the time of year you are thinking of going.
We even got a Beach Cottage at 7 months in 2001. We tried for a Beach Cottage for this AUgust and couldn't get it (on the waitlist) but VB is beautiful and a 2 bedroom and inn room will do just fine if the Beach Cottage doesn't come through.
Good luck and enjoy VB!